Market analysis and concept development of functional foods

This chapter addresses the key issues applicable to market analysis and concept development of new functional foods. The chapter firstly outlines the key markets, market drivers, and consumer and product trends in the functional foods market. Following this, the key marketing and technological challenges in relation to the conceptualization of new functional foods are addressed. Finally, a case study is presented on the use of user-centered design (UCD) for the conceptualization of new functional foods for the aging consumer segment. Population aging is considered to be a key global societal and economic challenge. The case study demonstrates how aging consumers were used as part of the development process to identify functional food concepts that can be further refined by marketing and technical new product development (NPD) teams. Concept optimization research techniques, such as UCD, promote a multidisciplinary approach to NPD, which can assist firms to manage knowledge more effectively and efficiently and develop more market-oriented food products that gain consumer acceptance.